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Economics [Competency Based] (1st semester)

Economics [Competency Based] (1st semester)

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Course Description

Economics is a comprehensive survey of the ways in which human decisions impact the world every day. Microeconomic concepts including supply and demand, business transactions, the fundamentals of work, and others offer students a glimpse into the effect of personal economic decisions upon the world. Macroeconomic concepts such as the fiscal policy of governments, trade, natural resource use, and other big picture topics offer a more broad view of the world’s economic systems. In its entirety, this course illuminates the ways in which people from around the world are connected to one another and their natural surroundings every day.

Course Breakdown

  • Basic economic principles
  • Factors that influence production
  • The laws of supply and demand
  • Features of a free market economic system
  • Labor and wages
  • Scarcity and opportunity cost
  • Profit and production
  • Market economics
  • Monopolies and oligopolies
  • Entrepreneurship and partnerships
  • Government and the economy

Course Goals

  1. Explain that economics is about the allocation of scarce resources, that scarcity forces choice, that trade-offs exist, and that every choice has an opportunity cost.
  2. Analyze how demand and supply for a good in a competitive market are determined and explain how demand and supply together determine equilibrium price.
  3. Analyze the roles and decisions of producers and consumers in a market.
  4. Analyze the role of prices in allocating scarce resources in market economies and explain the consequences of price controls.
  5. Explain how prices and outputs are determined in markets characterized by just one seller (monopolies), a few sellers (oligopolies), or many sellers of unique but similar products (monopolistic competition).
  6. Analyze the role of market failure in government decisions.
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